Exports on Rise

Why is it in the news?
  • As per the data from Commerce Ministry, the country’s exports grew by 2.44% year-on-year to USD 26.67 billion in February.
More in the news
    • The 2.44% increase in exports as well as lower imports of gold and petroleum products in February significantly narrowed the country’s trade deficit to $9.6 billion.
    • Exports:
      (1) India’s merchandise exports rose to $26.67 billion in February from $26.03 billion in the year-ago month.
      (2) The growth is mainly on account of higher shipments in sectors such as pharmaceutical, engineering and electronics.
      • Imports:
        (1) Imports declined by 5.4% to $36.26 billion in the last month, narrowing the trade deficit to $9.6 billion.
        (2) The gap between imports and exports was $12.3 billion in February 2018, and $14.73 billion in January 2019.
        (3) The decline in imports was mainly on account of sharp decline in inward shipments of gold and petroleum products.
        • The trade deficit has widened to USD 165.52 billion during the 11 months of the current fiscal from USD 148.55 billion compared to the year-ago period.
      Source
      The Hindu.




      Posted by Jawwad Kazi on 16th Mar 2019
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